CSU-Pueblo gets $5M ‘financial bridge’

The Colorado State University Board of Governors has agreed to give CSU-Pueblo $5 million to help the school balance its budget.

CSU-Pueblo president, Leslie Di Mare. Photo by Bryan Kelsen

The board met last week in Denver and voted unanimously on Friday for the investment support.

Kyle Henley, CSU Denver director of public relations, said Sunday that CSU-Pueblo will continue to proceed with plans to reduce expenses by $3.3 million for the 2014-15 fiscal year.

“CSU-Pueblo has a vital mission and this investment by the CSU System provides a financial bridge so that the campus can focus on building a brighter future for current and future students,” said Dorothy Horrell, chair of the CSU System Board of Governors, in a statement.

The budget challenge has forced administrators at the four-year institution to cut 19 vacant positions and an additional 22 filled positions.

Henley said the support will provide CSU-Pueblo with the means to balance the university budget during the current fiscal year, which ends June 30.

“It’s not for next fiscal year so it doesn’t stop the need to do cuts,” Henley said.

School officials said the budget shortfall has come after a drop in enrollment last year.

The university had budgeted for a 7 percent to 9 percent increase in enrollment for the 2013-14 academic year, but determined in October that enrollment had decreased 2.7 percent.

Henley said the board will consider additional investments and take a more detailed look at CSU-Pueblo’s proposed 2014-15 budget during its spring meeting.

Further declines in enrollment at CSU-Pueblo next year could create additional budget challenges.

The board also encouraged continued consideration of strategies to leverage other System resources to assist CSU-Pueblo in an effort to assure the campus’ growth in quality, cost-effective educational programs.

CSU-Pueblo President Lesley Di Mare said the investment will give the school the time it needs to create a balanced budget for the upcoming fiscal year and to craft a long-term strategy to return CSU-Pueblo to financial health.

“The faculty, staff and students are very grateful for the investment of $5 million in CSU-Pueblo,” Di Mare said Sunday. “It addresses the structural deficit that was revealed by an audit in 2011, the loss of tuition for this fiscal year and next, as well as the decline in enrollment for fiscal year 2014.”